U.S. Options

As previously announced in the March 5, 2025 Alert, MIAX Options will upgrade the 10G ULL Extranet switches and related network analytics infrastructure. Firms targeting migration to the upgraded MIAX Options Extranet upon its launch on Monday, March 31, 2025 must participate in mandatory testing on Saturday, March 29, 2025 from 9:00 a.m. to 12:00 p.m. ET.

The upgraded MIAX Options 10G ULL Extranet will be available in parallel with the existing MIAX Options 10G ULL Extranet from March 31, 2025 through April 11, 2025. All firms with 10G ULL Cross Connects (CCs) must establish and migrate their 10G ULL CC usage to the upgraded MIAX Options 10G ULL Extranet by April 11, 2025.

The MIAX Options 10G ULL Extranet upgrade is intended to improve the network’s latency performance and precision of the analytics infrastructure’s timestamp measurements.

The transition plan for migration to the upgraded MIAX Options 10G ULL Extranet includes the following:

1. MIAX Options will coordinate with firms to establish new CCs on the upgraded MIAX Options Extranet.
2. LOAs for new CCs are currently available.
   1. Firms are required to request LOAs at least four weeks prior to their planned cutover date, which falls within the March 31, 2025 to April 11, 2025 parallel period.
   2. Firms are required to complete all LOA requests no later than March 14, 2025 to ensure new CCs are established prior to April 11, 2025.
3. Requests for new CCs on the upgraded MIAX Options Extranet will be limited to one-for-one replacements of existing CCs.
4. Firms may migrate existing transit and source IP subnets to the new CCs or can request new subnets.
5. New CCs will meet the MIAX Options optical length specifications.
6. New 10G ULL Extranet mandatory testing:
   1. Firms targeting migration to the upgraded MIAX Options Extranet upon its launch on March 31, 2025 must participate in mandatory testing on Saturday March 29, 2025 from 9:00 a.m. to 12:00 p.m. ET.
   2. Firms targeting migration to the upgraded MIAX Options Extranet after March 31, 2025 are required to contact TradingOperations@MiaxGlobal.com to coordinate the transition.
   3. Firms are required to perform the following when transitioning to the upgraded MIAX Options Extranet:
      1. Verify all 10G ULL CC by logging into each subscribed application for each CC (i.e. establish application level socket connections to MEO, MEI, FOI, CTD, etc., for all ports, across all intended CCs) and verify the login.
      2. Confirm heartbeat receipt for both the A & B market data feeds for all subscribed multicast feeds across each intended firm CC.
      3. After verifying connectivity, firms must send an email to TradingOperations@miaxglobal.com and receive confirmation that testing was completed.
7. Existing 1G LL Extranet and legacy remaining 10G ULL Extranet CCs optional testing:
   1. There are no changes to the 1G LL switches on the firm side. However, MIAX Options will need to make internal configuration updates and firms with 1G LL connectivity are strongly recommended to participate in the above described testing on Saturday, March 29, 2025.
   2. There are no changes to the legacy 10G CCs on existing 10G ULL Extranet switches. However, MIAX Options will need to make internal configuration updates and firms with 10G ULL connectivity on the existing 10G ULL Extranet are strongly recommended to participate in the above described testing on Saturday, March 29, 2025.